Multi-Function Kiosk Market to Grow with a Significant CAGR of 24.5% Over the Forecast Years

Multi-Function Kiosk technology is a superior and interactive self-service terminal. It facilitates customers to do the majority of the activities like bill payment, cash & cheque deposit, service requests, etc over the kiosk. For which they would rather have to visit the branch. This technology acts as an alternate delivery channel that is relatively secure, convenient and acts as a self-service alternative for users. The market players have launched an innovative self-service kiosk called multi-function kiosk to provide hassle-free and convenient banking services through alternate delivery channels to the customer by leveraging technology.

The coronavirus pandemic is impacting the banking & financial services sector in multiple ways from business continuity issues and operational considerations to the overall financial outlook. The governments have responded to this situation by providing an economic stimulus package with several measures. Government agencies and banks are shifting towards digital banking and taking significant measures. Recently, the Federal Financial Institutions Examination Council ordered U.S. banks to test their online systems’ capacity to handle an influx of digital banking demands. It has digitized 11 financing procedures to minimize the need for in-person exchanges and is offering business accounts instant interbank fund transfers. Infinium Global Research’s recent report on the “Multi-function kiosk Market (By Component (Hardware and Software), By Type (Self-service Kiosks, Information Kiosks, Internet Kiosks, and Others), and By Application (Bill Payment, Grievance Management, Information Services, and Others)): Global Industry Analysis, Trends, Size, Share, and Forecasts upto 2026” provides a comprehensive outline of the factors responsible for the growth of the market.

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Software Segment to Remain the Largest Preferred Component for Multi-Function Kiosk

The market for software components is expected to grow at the highest CAGR during the forecast period, owing to the rising need for independent software purchases to make the interactive kiosk market more technologically advanced. The growing complexity of self-service banking channels has given rise to new opportunities for setting up separate sophisticated software in the kiosk. Thus, the market for the multi-function kiosk is expected to grow at a higher rate than that for hardware and service. The report on the “Global multi-function kiosk market” offers an in-depth analysis of the segments such as Component (Hardware and Software), Type (Self-service Kiosks, Information Kiosks, Internet Kiosks, and Others), and Application (Bill Payment, Grievance Management, Information Services, and Others).

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Asia Pacific to Be the Dominant Region in Multi-function Kiosk Market

As per the geographic trends, the Asia Pacific region is expected to have the largest revenue in the global multi-function kiosk market. The domination of Asia Pacific in the global market is mainly due to countries such as China, Japan, and India, which have the most advanced banking technological infrastructure. However, with the growing adoption of multi-function kiosk technology is improving security, in the BSFI sector; several organizations are adopting multi-function kiosk technology. This factor is propelling the multi-function kiosk market’s growth in the Asia Pacific region.

Companies Operating in the Multi-function Kiosk Market Focusing on Acquisitions and Product Launches

The Multi-Function Kiosk Market is highly fragmented owing to the market players included across the value chain of the multi-function kiosk market include hardware vendors and software and solution vendors. Some of the key companies in the market include AURIONPRO, Aplab Limited, KIOSK Information Systems, Albertsons International Private Limited, Cyber Kiosk Solutions, Inc., GLUCK INTERNATIONAL LLP, Forbes Technosys Ltd., Infinitast Technology Solutions Pvt. Ltd., C-Edge Technologies, and LamasaTech Ltd., among others. The market also witnessed activities such as acquisitions, and partnerships & collaborations that paved the way for the expansion of business and customer base of market players. For instance, in July 2019, NCR Corporation, a technology leader for the financial industry, has acquired D3 Technology, Inc., a leading provider of online and mobile banking for the Large Financial Institution (LFI) market. Adding D3 expands NCR Digital Banking into new market segments, including U.S. large banks and over time, international banks.